In two major investments in the North Asian markets, L Catterton Asia has invested in Japanese beauty care product firm Ci FLAVORS while Anchor Private Equity has backed South Korean online grocery startup Kurly.
L Catterton Asia picks strategic stake in Japan’s Ci FLAVORS
Consumer-focused private equity firm L Catterton Asia has made a strategic investment in Ci FLAVORS, which owns haircare and skincare products company Cosme Company, in Japan.
Details of the transaction, which was announced in a statement, were not disclosed.
Ci FLAVORS is expected to use the investment to grow its product lines and expand in markets outside of Japan. It is already present across Asia Pacific, Central Asia, and England, according to the company’s website.
Japan is a key market for L Catterton Asia, as managing partner Chinta Bhagat told DealStreetAsia in an earlier interview.
In April, it invested 20 billion yen in Japanese healthcare services provider PHC Holdings. Its other investments in Japan include cosmetics brand ETVOS, and eyewear maker OWNDAYS.
Other investments made this year include Chinese beverage company Genki Forest; Singapore dental brand Zenyum; and Indonesian beauty tech startup Social Bella, its first investment in the Southeast Asian country. Most recently, it led a Series B funding in the Chinese Amazon brand aggregator Nebula Brands.
The firm is currently deploying out of its third Asia fund, which closed in 2019 at $1.45 billion.
S Korean online grocery unicorn bags $210m pre-IPO funding
Korean online grocery startup Kurly has raised 250 billion won ($210 million) in a pre-IPO investment round from Hong Kong-based Anchor Private Equity, at a valuation of 4 trillion won ($3.35 billion), the company confirmed to DealStreetAsia.
The company will use the proceeds to further develop its data infrastructure, expand logistics services, and recruit talent.
The funding comes less than six months after Kurly raised a $200-million Series F round co-anchored by major existing investors including Aspex Management, DST Global, Sequoia Capital China, and Hillhouse Capital.
Last year, Kurly secured $160 million in Series E funding led by DST Global in a round that earned it the unicorn title. In total, Kurly has raised 900 billion won to date.
In October, Kurly said it was planning an IPO on the Korea Exchange in the first half of 2022. It had earlier explored an IPO in the US market. The firm was also said to seek a $5.9 billion valuation following the IPO.
Anchor Private Equity, an investor in JB Financial Group, as well as units of Korean tech majors Kakao and Naver, is focused on consolidation and growth opportunities in Korea and North Asia, according to information on its website. The firm manages over $5 billion of assets.